Cango (NYSE:CANG) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Cango (NYSE:CANG) to a sell rating in a research note published on Saturday.

Other equities research analysts have also recently issued reports about the company. Weiss Ratings raised Cango from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, May 26th. Zacks Research lowered Cango from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $30.00.

Cango Stock Performance

Cango stock opened at $1.70 on Friday. The stock’s 50 day simple moving average is $2.89 and its two-hundred day simple moving average is $6.02. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a market cap of $30.21 million, a price-to-earnings ratio of -0.05 and a beta of 1.06. Cango has a fifty-two week low of $1.60 and a fifty-two week high of $21.00.

Cango (NYSE:CANG) last posted its earnings results on Monday, June 1st. The company reported ($0.73) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.54). Cango had a negative return on equity of 105.01% and a negative net margin of 125.53%.The firm had revenue of $102.00 million for the quarter, compared to analysts’ expectations of $100.41 million. As a group, analysts expect that Cango will post -7.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cango

Large investors have recently made changes to their positions in the business. Marshall Wace LLP bought a new position in Cango during the 4th quarter valued at approximately $1,677,000. CI Investments Inc. raised its stake in Cango by 206.7% during the fourth quarter. CI Investments Inc. now owns 105,456 shares of the company’s stock valued at $158,000 after buying an additional 71,076 shares during the last quarter. Jump Financial LLC purchased a new position in Cango during the second quarter valued at $246,000. Finally, BNP Paribas Financial Markets boosted its holdings in Cango by 34.5% in the third quarter. BNP Paribas Financial Markets now owns 15,923 shares of the company’s stock worth $68,000 after acquiring an additional 4,082 shares in the last quarter. 4.22% of the stock is currently owned by hedge funds and other institutional investors.

About Cango

Cango Inc (“Cango”) is a leading smart automotive transaction service provider in China, headquartered in Shanghai. The company operates an online?to?offline platform that integrates vehicle sourcing, financing, distribution and insurance, offering a comprehensive ecosystem for automakers, dealers and consumers. Leveraging big data analytics and cloud computing, Cango connects buyers and sellers through its proprietary digital infrastructure, facilitating transparent and efficient transactions across the automotive value chain.

Cango’s core offerings include auto financing solutions for new and used vehicles, extended consumer loans and wealth management products.